The partnership allows NatWest's customers to oversee, plan and protect their businesses
UK-based bank NatWest has announced a partnership with FreeAgent, under which its accountancy software has now been integrated into the bank’s online banking platform, allowing businesses to view their finances and accounting together.
FreeAgent is an Edinburgh-based accountancy software provider and its partnership with NatWest will allow its customers to oversee, plan and protect their businesses.
The fintech has also partnered with UK insurer Hiscox to enable businesses to receive insurance quotes directly from within the platform.
Using artificial intelligence (AI), the platform will be able to identify businesses that are potentially ‘under insured’ and will generate quotes that can suit their individual requirements.
NatWest business banking head Andrew Harrison said: “Our close partnership with FreeAgent allows us to offer our business customers a market leading accountancy platform, free of charge. We’re delighted today to make one of the most significant improvements to date by integrating FreeAgent within NatWest Online Banking.
“Combined with a truly smart insurance offering in partnership with Hiscox, we believe that we offer the most compelling and innovative business package for SMEs in the UK.”
New integrations are part of NatWest and FreeAgent’s strategy to transform small business admin
The two new offerings are part of both NatWest and FreeAgent’s strategy to transform small business admin by embracing fintech innovations like AI and Open Banking.
In 2019, FreeAgent started offering direct bank feeds from any UK bank via Open Banking and the present partnership with NatWest is claimed to be part of deeper integration, offering more intuitive experience to businesses.
Recently, FreeAgent had also launched a new feature named ‘Insights’ to offer actionable notifications to business owners. The feature is intended to highlight opportunities and issues, allowing them to take better decisions about their finances.
In June, NatWest launched a new online payment service, Payit by NatWest, which allows customers to make instant online payments to participating retailers.